Gemini’s Volume Moving up but not Pushing Bitcoin Price

Since the announcement in January, the anticipated launch of the Bitcoin exchange Gemini has been on the minds of many. The Winklevoss brothers have shown their intentions by building a fully-regulated U.S. cryptocurrency exchange. Customers began onboarding, and the volume has almost doubled every two days. At press time, Gemini sits at 17 out of 32 on the Bitcoinity.org list.

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Cameron and Tyler Winklevoss have been on the bitcoin scene for some time. The two Harvard graduates got their fame from claiming to help create the Facebook idea with founder Mark Zuckerberg. The two were awarded $65 million after settling with Zuckerberg for the restitution. The Gemini exchange is one of various Bitcoin ventures the two can be seen working on, and this exchange is financed entirely by them. Gemini Trust Company has received approval from regulators and is now a fully licenced and operational trading facility.

The Gemini exchange — named after the spacial zodiac sign — claims it’s the “next generation” of trading firms. The company enables individual and institutional customers to trade “in full compliance with all bitcoin regulations” as stated on the website. Over the course of the first week in trading, Gemini has almost doubled its volume every two days. However, currently sitting at 534 BTC, which is just under $150 thousand USD, is shy in comparison to the largest trading engines.

Bitstamp takes in $9 million USD per day in volume, and Bitfinex is at roughly $6 million per day. So the numbers Gemini is pulling in are very small compared to the exchange giants. Coinbase, who started its exchange without the BitLicense, operates with 2.6 million in volume daily, and is in the process of acquiring a license to operate in New York. Despite these larger giants staying in their pole positions, the Winklevoss exchange is moving up through the crowd, surpassing the likes of BitPay, Cavirtrex, Coinsetter and Cex.io.

According to Cryptowatch, the exchange started trading at a mere 14 BTC per day volume during its genesis. The company now boasts over 500 BTC and is climbing steadily, growing a solid user base. The startup had a decent media run, being featured on FOX News, Wired and TechCrunch to tell everyone the Gemini story. The Twins have had very good luck with their investments and threw $1.5 million USD into BitInstant with a group of investors, including Charlie Shrem.

Eyes will be on this exchange, as it’s been gaining steam. However, Gemini’s 500 BTC is not enough of push to give the Bitcoin price a pump, which many forum posts are saying. In fact, volume in China has been very high over the past week, with the top exchange Huobi trading at 604,668 BTC per day — eclipsing the Twins small exchange multiple times over. The Winklevoss exchange is doing well, trading with some good volume, yet it’s not even close to the top ten exchanges and will not be for several months or years. Gemini has a long way to go before its ship makes it to NASA territory like its competitors.

Do you think the Winklevoss Twins exchange bumped Bitcoins Price? Let us know in the comments below!

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